Question

8. Kristen borrowed $700 at a

simple interest rate of 15% for 3
years. How much interest will
Kristen pay?

Answer 1

`\bf ~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$700\\ r=rate\to 15\%\to (15)/(100)\dotfill &0.15\\ t=years\dotfill &3 \end{cases} \\\\\\ I=(700)(0.15)(3)\implies I=315`